Entain has published financial results for the period ended June 30 and reports solid growth in the group's net gaming revenue of 11%.
The global group of sports betting, gaming and interactive entertainment has explained through a press release that during the first half of 2021 the online NGR increased by 28% (+ 27% cc1), driven by strong underlying performances in all key markets, a full sporting calendar and longer lockdown restrictions in retail. However, the company reports strong impact of the new German legislation.
It should be noted that BetMGM (the Group's US joint venture with MGM Resorts) continues to perform strongly and is well positioned. Something that undoubtedly contributes to Entain being the second largest sports betting and iGaming operator in the United States with a 22% market share.
Other key aspects of the results published by Entain are:
- The combined total investment in BetMGM by joint venture partners is expected to be $ 660 million by the end of 2021.
- Group EBITDA increases 12% to 401 million pounds
- Launch of a new efficiency program to reduce costs and support investment in innovation and growth:
- Investment in innovation of c. £ 100 million over three years
- Ongoing commitment to ESG with additional advances made in its Sustainability Charter
- Encourage live testing of Entain's industry-leading advanced care and liability player protection program, ARC
- Commitment to be carbon net zero by 2035 based on Science Based Targets
- The Entain Foundation supported grassroots sports and young athletes through Pitching-In and SportsAid
Regarding the results of the first semester, Jette Nygaard-Andersen, CEO of Entain, highlighted the work of the group's human talent and said: “The quality and diversification of our businesses has enabled us to deliver our 22nd consecutive quarter of double-digit online growth, while also making excellent progress on our strategic priorities”.
Nygaard-Andersen also stressed that over the next 12 months they expect BetMGM to be operational in around 20 states, representing 33% of the US adult population.
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